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balance transfer?
shelldanielle
Posts: 153 Forumite
in Credit cards
Hi, I am trying to pay off an overdraft of £1,200 with Lloyds. With the new bank charges it is going to take ages to pay off. What is my best option, a balance transfer or a credit card? can you transfer a balance to another account if its in the overdraft. how does it work?
2013 Wins
Jelly belly - still awaiting prize
Sanctuary facebook game - Odeon Club card with 3,000 points
Jelly belly - still awaiting prize
Sanctuary facebook game - Odeon Club card with 3,000 points
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Comments
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A balance transfer effectively IS a credit card. But you don't want that. You'll need a money transfer card.
Failing that, get a 0% purchases card, put all your spending on that and use your spare cash to clear the overdraft.
Either way, make sure you have an exit strategy before the standard APR kicks in.
You may struggle to get a decent card offer if you're living in your overdraft, so do a soft search or eligibility checker first.0
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